韩国退休金实物转移制度推动资金从银行流向券商，但本次报道缺乏新增交易催化

More than 15 trillion won ($10.8 billion) in retirement savings has moved from one pension provider to another in the roughly 20 months since South Korea introduced an in-kind transfer system for retirement pensions. More than 5 trillion won of that shifted from banks to brokerages, in what analysts see as an acceleration of pension money into investment assets.
Cumulative transfers totaled 15.9 trillion won ($11.4 billion) from the launch of the in-kind transfer system in late October 2024 through the first half of this year, according to the Financial Supervisory Service on the 24th. Transfers reached 6.9 trillion won in the first half of this year alone, up sharply from 3.2 trillion won in the first half of last year and 3.8 trillion won in the second half.
Movement from banks to brokerages accounted for the largest share at 5.2 trillion won, or 33% of the total. The shift to brokerages was especially pronounced in defined-contribution (DC) plans and individual retirement pension (IRP) accounts. Combined DC and IRP savings saw a net inflow of about 5 trillion won to brokerages, while banks and insurers recorded net outflows of 4.3 trillion won and 700 billion won, respectively.
Analysts attribute the trend to a preference for brokerages among DC and IRP holders, who manage their own savings and receive the returns, because brokerages offer a wider portfolio of investment products than banks. For defined-benefit (DB) plans, savings moved from brokerages to banks and insurers, but the amount was limited to 900 billion won. As a result, total net inflows to brokerages came to 4.2 trillion won.
Savings moved from one bank to another also made up a large share, at 4.5 trillion won, or 28%. With a total of 4 trillion won flowing out of banks to other sectors, the figures point to intense competition among banks to retain pension subscribers.
Meanwhile, the FSS held a task force kickoff meeting on the same day with the Korea Securities Depository, industry associations, the Korea Securities Finance Corporation and pension providers, agreeing to improve the transfer system, which currently applies only within the same type of pension plan. The task force reached a consensus to develop the computer systems needed to allow DC plans to be transferred into IRP accounts held with other providers, and to include redemption-suspended funds among transferable products. The FSS plans to finalize the direction of the reform by next month and begin system development in October.